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economics adviser as well as secretary under clinton spoke with cnbc's bernie lowe just today. >> everybody should, before meeting the debt obligations of the united states, and then there needs to be a vigorous and active discussion around what is a very real problem. the sustainability over the long-term of the u.s. financial position, which surely needs be addressed in a balanced way with both measures on the expenditure side and measures on the revenue side. >> phillip, how are you? >> i'm fairly cynical about the whole process. >> about u.s. politics? >> well, the other side, as well. i think you can make a pretty good case for abolishing the debt ceiling completely. that's not go to happen in the short-term. we've seen this time and time again. we know that these negotiations are being conducted across polarized camps in congress and the administration and that the likely event is that nothing is going to be agreed at until the 11th hour, right at the last minute spop i would have thought it's very likely that we'll get an increase in the debt ceiling at some stage. likewise, there wi
the administration of japan in that area. over the weekend, hillary clinton has just said that -- she didn't name china, but it was clearly who she meant, that known should try to change the status quo. and china is very unhappy. >> yes, of course. professor ching, i think it was the january 14th announcement that the people's liberation army should begin preparing for actual combat training, more -- and not necessarily meaningful in and of itself, but it does signal -- and this is important because it's not only japan with whom china has these territorial disputes. they have them with pretty much every single neighbor over islands in the south china sea. so what is your thought about that? >> well, they have active disputes with japan, vietnam and the philippines. and other disputes, also, with malaysia and bornea. but i think that the main dispute right now, the one that is really on the front burner, is with japan. and i don't know how this is going to be resolved because i don't see either party stepping down. and both driven by nationalism. there is rising nationalism in japan and we see tha
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